The Changing Needs of Aging Parents
Compliments of Our Law Firm,
AMBLER | KEENAN | MITCHELL | JOHNSON
Written By: The American Academy of Estate Planning Attorneys
Odds are, before your parents retired, they’d already put many plans for the future into place. From contributing to a retirement plan for decades to ensuring proper life insurance policies were in place, there’s a good chance your parents wanted to eliminate some of the obstacles that can plague the aging process. But is it enough? How can we ensure the changing needs of aging parents are being met?
Another important element is the power of attorney. These legal documents allow your parents to name someone to make decisions on their behalf should they become unable to do so. A financial power of attorney names a trusted party to cover financial considerations, such as paying the monthly utilities, insurance policies, automobile payments, etc. – either on a temporary or permanent basis if they are incapacitated. The medical power of attorney allows them to name someone to make medical decisions on their behalf if they are incapacitated. A living will should be part of that planning element as well.
One of the bigger challenges is actually initiating the conversation. It can be awkward and even uncomfortable; however, many find that their parents are open and even relieved that it’s finally on the table. Remember, you and your parents share a common goal of ensuring their retirement years are worry-free and enjoyable. Once you open the door to these conversations, it becomes easier to discuss in an honest and loving way. Be sure a qualified estate planning attorney is part of the team so that there are no vulnerabilities or overlooked details.
